A decree issued by the Ministry of Finance of India strengthens the prospects for further cooperation between Cyprus and India, the Cyprus Investment Fund Association (CIFA) said in a statement.
“India's huge market is now open for Cypriot supervised Investment Funds and supervised Investment Fund managers. On Monday 14 June, the Ministry of Finance of India issued a Decree according to which the Republic of Cyprus is now categorized as a “Class I” country for the purposes of Regulation 5 (a) (aiv) of the SEBI Regulations concerning foreign investor portfolios “, refers.
According to the Regulations, adequately supervised Investment Funds as well as non-supervised Funds, of which the Investment Manager is supervised, are subject to looser KYC (Know Your Client) requirements and higher trading limits, while they are also allowed to invest in outgoing investments (ODIs).
CIFA states that specific developments signal new opportunities for further development of the Investment Funds sector in Cyprus.
“The Indian market has huge prospects and the acceptance of the Cypriot Investment Funds allows us to step up our efforts to attract investors from India,” commented CIFA President Andreas Giasemidis. He added that Cyprus is the ideal gateway for investment in the European Union and at the same time a hub for investment in third countries, including India, for which the prospects are now wide open. He added that as a member of the EU and the eurozone, Cyprus offers security and stability to investors, as well as access to a market of more than 500 million citizens.
CIFA also notes that the collective investment sector is fully in line with European regulations for Collective and Alternative Investment Agencies and for investment fund managers. Combined with the low cost of establishing and operating investment organizations, Cyprus is reportedly now a highly competitive entry point into the controlled collective investment market in Europe.
Insider
